City Council Meeting Date: August 20, 2024
To: Mayor and City Council
City Administrator
From: Brenda Angelstad, Finance Director
Title
Consider Resolution Providing for the Issuance and Sale of $10,370,000 General Obligation Street, Abatement, Utility and Equipment Bonds, Series 2024A.
Body
Action Requested:
The Northfield City Council consider approving the attached Resolution providing for the Issuance and Sale of $10,370,000 General Obligation Street, Abatement, Utility and Equipment Bonds, Series 2024A.
Summary Report:
The Council authorized the sale of bonds at the meeting on August 5, 2024. The bonds are scheduled to open for bids on the morning of the Council meeting on August 20, 2024. Ehlers will tabulate the bids and finalize the resolution for distribution at the Council meeting.
The sale of bonds is to finance various capital projects to include the 2024 Street Reconstruction Project, Storm Water System Improvements, Abatement Bonds for the Transit Hub Project, and Equipment Certificates for a Pumper Truck, Police Command Van and Dump Truck.
The Preliminary Official Statement is included in the packet. Utility Improvement Bonds will be repaid through revenue collected from utility bills.
The bond rating agency review was conducted within the past year and the AA/Stable bond rating was re-confirmed on August 15, 2024. The S&P ratings confirmation is attached.
Nick Anhut from Ehlers Associates will be at the meeting to review the results of the sale.
Alternative Options:
N/A
Financial Impacts:
The 2024A Bonds will be paid through franchise fee collection, general levy and Stormwater will be paid from Utility Fund revenue.
Tentative Timelines:
N/A